Euskaltel to close EUR1.2bn R Cable acquisition by end-2015

7 Oct 2015

Spanish cableco Euskaltel has revealed that it expects to close the EUR1.155 billion (USD1.295 billion) acquisition of fellow cable operator R Cable by the end of the year. Euskaltel notes that it has amended the terms of the purchase agreement, saying it will now pay fully in cash – and at a slightly higher price than initially announced. The new terms, which Euskaltel claims reflect an improved operating outlook for R Cable, also involve private equity fund CVC selling its 70% stake in R Cable instead of retaining a participation in the merged company. The deal, which has already been recommended by Euskaltel’s board of directors, remains conditional on receiving approval at the shareholder meeting, expected before the end of November, and also from Spanish antitrust authorities.

Spain, Euskaltel Group (incl. R Cable and Telecable), R Cable (Spain)